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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 662,718 $ 25,940
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 1,217,358 888,062
Amortization of deferred sales inducements 415,396 (2,675)
Annuity product charges (185,264) (177,313)
Change in fair value of embedded derivatives (1,855,623) 1,306,163
Change in traditional life and accident and health insurance reserves 6,507 (5,113)
Policy acquisition costs deferred (178,251) (344,293)
Amortization of deferred policy acquisition costs 623,409 (45,856)
Provision for depreciation and other amortization 3,857 2,863
Amortization of discounts and premiums on investments 37,110 21,762
Realized gains/losses on investments 68,545 67
Realized gains/losses on investments   1,381
Distributions from equity method investments 190 1,160
Change in fair value of derivatives 409,201 (440,272)
Deferred income taxes 171,265 (14,676)
Loss on extinguishment of debt 2,024 0
Share-based compensation 7,515 9,402
Change in accrued investment income 20,179 (28,562)
Change in income taxes recoverable/payable (35,202) (3,740)
Change in other assets 2,307 (2,009)
Change in other policy funds and contract claims (18,951) (16,465)
Change in collateral held for derivatives (506,735) 737,103
Change in collateral held for securities lending (494,368) 365,592
Change in other liabilities (22,281) 20,670
Other 4,325 (10,844)
Net cash provided by operating activities 355,231 2,288,280
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 3,344,860 2,184,662
Mortgage loans on real estate 230,042 207,054
Derivative instruments 633,948 352,634
Other investments 3,238 7,887
Acquisitions of investments:    
Fixed maturity securities, available for sale (2,279,427) (4,214,476)
Mortgage loans on real estate (723,154) (474,734)
Derivative instruments (557,709) (620,638)
Other investments (10,616) (344,652)
Purchases of property, furniture and equipment (12,440) (3,148)
Net cash provided by (used in) investing activities 628,742 (2,905,411)
Financing activities    
Receipts credited to annuity policyholder account balances 1,811,843 4,035,051
Coinsurance deposits 304,169 67,858
Return of annuity policyholder account balances (2,922,187) (2,626,214)
Repayment of subordinated debentures (81,450) 0
Net proceeds from amounts due under repurchase agreements 0 (60,367)
Proceeds from issuance of preferred stock, net 290,260 0
Proceeds from issuance of common stock, net 1,738 412
Change in checks in excess of cash balance (6,595) (5,268)
Preferred stock dividends (18,511) 0
Net cash provided by (used in) financing activities (620,733) 1,411,472
Increase in cash and cash equivalents 363,240 794,341
Cash and cash equivalents at beginning of period 2,293,392 344,396
Cash and cash equivalents at end of period 2,656,632 1,138,737
Cash paid during period for interest:    
Interest expense 17,677 26,490
Cash paid during period for income taxes:    
Income taxes 4,810 28,193
Non-cash operating activity:    
Deferral of sales inducements $ 68,468 $ 140,960